There are many types of businesses that have the on-demand selling model. A lot of these startups are in the technology industry, but some of them fail to succeed because there is a lack of research on how they should market their products and services. According to Miss Bongo Prix, a known tech SMS service company, there are many reasons why some on-demand businesses fail:
- Lack of market research – before starting a business, people must research if there is an actual demand in the market. Sometimes, unique ideas are not the way to go. You should be able to solve a critical problem in order to generate a great demand for your products and services.
- Poor marketing strategies – there is a saying that goes “If you build it, they will come.” This may be true for some ideas, but it is not the same with business. With so much competition and similar ideas sprouting in every corner, you must know how to market your business to the right people.
- Setting a good value for the price – a lot of entrepreneurs tend to overvalue or undervalue their products. When businesses overvalue their products, potential consumers would be turned off by steep prices, and they might think that what they are purchasing is not worth the money spent. Alternatively, when businesses undervalue their products, some consumers would think that cheap price equals poor quality and would not even try purchasing. Business owners should know the true value of their products.
How can on-demand services survive and thrive? Miss Bongo Prix gives us insight on how on-demand services can succeed in business growth.
What On Demand Services Can Learn From Miss Bongo Prix
Understand your target audience’s needs
In order to understand your market, you need to create a persona for your target audience. A persona is trying to imagine a sample individual from your ideal consumer group. You need to think about their goals in life, their needs, and the things they do every day. What are their struggles? What are some things they may need help with? You can do this by interviewing a sample person or perform your own research online.
Offer several price points for your service
Another strategy to get more clients to sign up for your on-demand business is to offer several price points for your product or service. Some users would only want limited services in your business and would not be willing to pay full coverage. Some people would want to maximize your offers and would be willing to pay at a higher price point compared to others. You need to offer single-demand service, bundles, or monthly subscriptions to close on more leads and generate sales.
Avoid scheme-like policies and hidden charges
In relation to the previous point, it is important to avoid too many promises in marketing and end up “tricking” consumers by having back-end costs. You need to be honest in your affairs. There is nothing more disappointed than being promised much and end up having less than what you bargained for. As much as possible, try to only promise what you can deliver.
See what your competition is doing, but do it better
A great strategy to help you succeed in on-demand business is to observe your competition. Try to see what they are already doing, but in this case, try to do it better. Perhaps there is a more efficient way to make printed merchandise that you can do. Maybe you can deliver healthy meals in your community for a lower cost. Whatever it is, you can always find ways to improve on the status quo of your market to help you gain more loyal customers.
Be open to digital marketing opportunities
Last but not least, always be open to opportunities online. The landscape of marketing has changed over the years, and it is only at its beginning stage of transformation. Do not be hesitant to advertise online, find networking opportunities, and partner with influencers to help you reach a wider audience for your products.
As you do these great principles, you will be able to get ahead of your competition in on-demand business growth.